TAG: Economy
World-class infrastructure and tourism offerings, significant financial reserves and a reputation as a safe haven have all contributed to a feeling that despite the various headwinds buffeting the UAE, it is well placed to drive on with reforms intended to ensure long-term, sustainable prosperity.
The results of the first survey conducted by Oxford Business Group (OBG) on the practical implications of Thailand’s Sufficiency Economy Philosophy (SEP) – which places sustainability at the core of its thinking, advancing a different approach from that of short-term, shareholder value-centred ideas of economic development – reveal a great deal of interest from both local and international companies in applying the philosophy’s principles to their day to day business.
Thai businesses operating across all economic sectors have conveyed a consensus that adopting principles originating from the Sufficiency Economy Philosophy (SEP) of His Majesty King Bhumibol Adulyadej in their everyday business activity correlates strongly with long-term growth benefits. The adoption of such principles highlights the importance of practising moderation with regard to business growth, reasonableness with regard to decision-making and investment, and prudence with regard to instilling risk management to prepare for economic shocks.